Sale of KODAKCoin starts on May 21 this year

10 May 2018

WENN Digital will be selling Simple Agreements for Future Tokens (SAFTs) for its KODAKCoin tokens starting May 21 this year. The announcement comes several months past the first report in January, when the token sale was scheduled for January 31.

The token sale will be restricted to accredited investors only and seeks to collect as much as $50 million, according to the latest report made by WENN Digital, a company partnering with Kodak and owning KODAKOne platform and the KODAKCoin cryptocurrency.

The SAFTs will be sold at a price of $1 per one agreement, and represents a transaction similar to selling investment contracts rather than direct sale of tokens. Under the terms of the agreements the tokens are not sold, but the money is exchanged for the documented promise of future access to upcoming products.

The SAFTs will be sold through Cointopia, a platform for token sales and post-ICO management, and the entire process will be managed by Pickwick Capital Partners and Exemplar Capital.

Jan Denecke, CEO of WENN, said: “We are excited to offer the SAFTs and the rights to the underlying KODAKCoin in a manner structured to fully comply with an exemption to the SEC’s registration requirements,” and added “Our goal with this offering is utmost security and transparency, working to bring digital tokens to investors by adhering to industry best practices and in a manner that we hope instills public confidence in the crypto space.”